Smart investors not only buying at a cheap price, some of them are even buying at a current price simply because they are mainly focused on long-term investment. Buying at a cheap price would be just a bonus unless you were a day trader then that time you must consider buying at a cheap price. There are also some folks buying at a high price because they don't want to miss the opportunity if it goes even higher which is not recommended for me at least, and this activity is commonly done by newcomers.